Entegris, Inc. ENTG
Entegris stays a hold: Q2 2026 results confirm a genuine revenue inflection—11% growth to $883M with 42% EPS growth and gross margin at 47.6%—driven by AI-linked semiconductor demand, but the stock at $150.26 already trades at 75.1x trailing earnings versus a peer median of 34.8x, a 116% premium that leaves little margin for error. FY2025 full-year data still shows declining revenue ($3.20B vs $3.24B in FY2024) and a 19.5% net income decline, so the Q2 print is encouraging but not yet enough to justify the multiple.
Smart money is modestly positive (score 0.0927 as of 2026-06-30) and technicals are constructive (above both the 50-day MA of $146.67 and 200-day MA of $122.70), yet insiders remain net sellers by value ($40.2M net disposition over 24 months), suggesting the rally is not being validated by those closest to the business.
What could go wrong
- Valuation compression. At 75.1x trailing PE—116% above the peer median of 34.8x—any disappointment in Q3 or 2026 guidance could trigger a sharp de-rating, especially with EV/EBITDA at 30.4x versus the peer median of 21.6x.
- Revenue inflection stalls. FY2025 revenue still declined 1.4% to $3.20B; if the Q2 11% growth does not sustain into H2 2026, the AI-demand narrative weakens and the premium multiple becomes harder to defend.
- Insider selling persists. Over the trailing 24 months insiders net disposed $40.2M in value across 128 dispositions versus 89 acquisitions, with recent August 2026 transactions dominated by option exercises and same-day sales.
- Leverage overhang. Total debt of $3.89B against equity of $3.95B as of FY2025 limits financial flexibility; while net leverage is projected below 3x by year-end, any capex acceleration or demand softening could pressure the balance sheet.
What would change my mind
Where this comes from: Seeking Alpha news article, 2026-08-05 · FMP fundamentals FY2025 + derived_metrics · peer_relative composite · smart_money 13F composite. Orin's read on ENTG; not advice.
Twelve months actual closes to 2026-09-23 · actual filings
50-day average 200-day average · volume below
On file
All ENTG filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Price T Rowe Associates /Md/ | $2.3B | 0.2% of fund |
| Capital Research Global Investors | $2.0B | 0.3% of fund |
| Vanguard Portfolio Management | $1.4B | 0.1% of fund |
| Vanguard Capital Management | $1.2B | 0.0% of fund |
| Invesco | $1.0B | 0.1% of fund |
| State Street | $993.4M | 0.0% of fund |
80 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 216 Form 4 filings, net −$40.7M. Of the 50 on hand, 0 were open-market purchases and 15 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about ENTG
Orin answers questions about ENTG from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 75.5× | — | 53.3× |
| EV/EBITDA | 30.5× | — | — |
| P/S | 6.92× | — | — |
| P/B | 5.5× | — | — |
22.3%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $0.4B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$180
$115 – $215 · +23% against today's price
- 19 buy or overweight
- 7 hold
- 1 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| ENTGEntegris, Inc. | $23B | 75.5× | 30.5× | 45.5% | 9.2% | 8% |
| AMKRAmkor Technology, Inc. | $13B | 23.8× | 10.2× | 15.5% | 7.4% | 12% |
| FFIVF5, Inc. | $26B | 35.9× | 25.3× | 82.2% | 22.0% | 20% |
| NVMINova Ltd. | $12B | 41.2× | 36.5× | 57.1% | 28.8% | 20% |
| RMBSRambus Inc. | $11B | 46.6× | 34.9× | 78.3% | 31.7% | 17% |
| SWKSSkyworks Solutions, Inc. | $14B | 47.1× | 17.2× | 40.7% | 7.2% | 5% |
| TSEMTower Semiconductor Ltd. | $26B | 88.8× | 45.0× | 26.9% | 16.9% | 10% |
| ZBRAZebra Technologies Corporation | $18B | 34.7× | 17.8× | 48.9% | 9.2% | 15% |
The median is of the 7 peers listed above and nothing else — check it against the column. This company trades 83.0% above it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.